The European Central Bank (ECB) accounts reveal that some members saw conditions for a rate cut were met in April, while a majority agreed to keep the rate on hold. Executive Board member Frank Elderson suggests a likely rate cut in June pending confirmation of consumer price outlook. The ECB anticipates a bumpy path for economic indicators with a broad consensus awaiting the June meeting for price outlook. There is a belief that the Governing Council could ease monetary policy restrictions at the upcoming meeting.